The most common method of determining a price for a house is the Comparable Market Analysis (CMA). A CMA will show exactly what properties that are similar to your house have sold for within a recent time frame. These analyses are based on fact, rather than opinion, and that information will always be of more value to you. Generally, CMAs will list houses in a particular location that are currently on the market, have sales pending on them, have expired from the market, and have sold.
It is primarily the SOLD properties that you need to be concerned with. What houses are listed for on the market is not always a good indication of what their value is, those that have pending sales will only tell you what the listing price is (not what it is going to sell for), and those that have expired because they haven’t sold may indicate that they didn’t move because they were overpriced.
If you are thinking of selling your home, please contact us to get a Comparative Market Analysis CMA free of charge.